\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 51 B-Soft Co.Ltd(300451) )
The event company released its annual report for 2021. During the reporting period, the company achieved a revenue of 1.899 billion yuan, a year-on-year increase of 16.30%; The net profit attributable to the parent company was 413 million yuan, a year-on-year increase of 24.28%; The net profit attributable to the parent company after non deduction was 387 million yuan, a year-on-year increase of 23.11%.
As a leader in the medical informatization industry, the performance has maintained steady growth for seven consecutive years, and the business of “one body, two wings” plus the four sectors of the medical insurance business department has developed in coordination. At the business level, the company’s medical software sales and technical service business revenue increased by 26.15% year-on-year, 32 new ten million orders were added, the amount of ten million orders increased by more than 40% year-on-year, and the number and total amount of orders such as electronic medical records undertaken by the company were rated as the forefront of the industry; Meanwhile, the company’s medical Internet and IOT business continue to explore multi scene application services relying on “healthy city”. Innovative business such as “Internet plus medical” city based on healthy cities has increased rapidly, including aggregate payment, cloud care, online prescription transfer business, business insurance and other innovative businesses, generating revenue of about 112 million yuan, an increase of about 40% over last year.
During the reporting period, the gross profit margin of the company was 54.22%, a decrease of 1.2pct compared with last year; The expense rate during the period was 27.97%, down 3.48 PCT compared with last year; The net operating cash flow was 176 million, a year-on-year decrease of 35.05%, the turnover rate of accounts receivable was 1.81, a decrease from 1.90 last year, and the collection and liquidity were weakened in 2021. The company has maintained high R & D investment for a long time. In 2021, R & D investment accounted for 16.64% of revenue.
Layout the overall cloud transformation and development strategy of “Huikang cloud 2.0” to drive the cloud coverage of new products in multiple formats. In 2021, the company launched the “Huikang cloud 2.0” comprehensive cloud solution to realize the medical business collaboration at the cloud side. In the future, the company plans to build a complete medical and health application and health service cloud platform including medical application cloud market and online SaaS application in the cloud, gradually realize the cloud release of software applications and services and more real-time and convenient interconnection of medical and health information, and complete the transformation from traditional IT information product service company to technology cloud ecological enterprise. During the reporting period, the achievements of the comprehensive cloud solution and hybrid cloud subsystem solution of the company’s hit products were successfully transformed, entered the market promotion period, and successfully launched in medical institutions. In the future, it is expected that the cloud products will be released one after another, gradually build and improve the “Huikang cloud 2.0” product system, and further establish the company’s service advantages in the medical information industry.
The medical insurance end benefited from the acceleration of medical insurance payment reform, and the hospital DRG / Dip products helped open the business increment space. The company won the bid for the national medical security information platform in 2019 and established the medical insurance business department in due time. During the reporting period, the company’s revenue related to medical insurance business was 57.34 million yuan, an increase of about 132% over the same period last year. In the future, there is an expectation of business increment with the acceleration of medical insurance payment reform. In terms of medical insurance, during the reporting period, the company participated in the construction of seven provincial medical insurance platforms in Hebei, Tianjin, Gansu, Heilongjiang, Inner Mongolia, Qinghai and Shanxi and two Prefecture and municipal medical insurance platforms in Shijiazhuang and Yingkou. At the hospital end, the DRG / Dip products of the company adopt the latest unified grouping and service platform framework, deeply integrate the hospital end management and business, and fully meet the DRG / Dip grouping scheme and technical specifications of the National Medical Insurance Bureau. It has won the medical insurance project of more than ten medical institutions such as Yancheng first people’s hospital.
The investment advice company is a leader in the medical information industry. It has been deeply cultivated and laid out in the industry for more than 20 years, and its market position is stable. At present, with the business division of “one body, two wings” and medical insurance division, the company constructs a horizontal business development business model. Its products cover various service scenarios such as medical treatment, health care, medical insurance, health and elderly care, and constantly deepen and expand the market of medical and health information industry. In 2021, the company launched the overall cloud transformation and development strategy of “Huikang cloud 2.0”, which is expected to be fully promoted in the future and is expected to improve the overall gross profit margin of the company. At the same time, the company’s medical insurance business benefited from the acceleration of medical insurance payment reform, and the hospital DRG / Dip products helped open the business increment space.
It is estimated that the company’s EPS from 2022 to 2024 will be 0.34/0.45/0.60, and the corresponding PE from 2022 to 2024 will be 20.26x/15.28x/11.44x. Maintain a “recommended” rating.
The risk indicates that the impact of the epidemic situation exceeds the expected risk; The risk of intensified industry competition.
